Uruguay floats the peso

URUGUAY- The currency band system for the peso was brought to an abrupt end amid fears of contagion from the crisis in Argentina and market woes in Brazil. The central bank said there would be only limited intervention to prop up the currency.

Uruguay's economy, dependent largely on banking, tourism and agriculture, has been battered by a run on bank deposits and a dive in consumer spending this year due largely to spill-over from Argentina's four-year recession.

"Starting today we are going